Chapter 7 And Chapter 13 Bankruptcy Part Three
December 29th, 2008
Chapter 7 and Chapter 13 Bankruptcy, which is best for me? Part III
(c) Copyright 2006 by Ted Schmidt
Overall, filing for Chapter 13 Bankruptcy is less drastic than Chapter 7. With Chapter 7 Bankruptcy, your assets are taken away such as your home or other non exempt assets.
Although, the debts are gone, you lose most of your assets with Chapter 7 Bankruptcy. On the other hand, your debts are not wiped clean with Chapter 13 Bankruptcy but you are given a second chance to repay your debts in most cases. (With an ugly scar on your Credit Report, of course.)
Choosing between Chapter 7 and Chapter 13 Bankruptcy can be difficult. This article has outlined four differences between Chapter 7 and Chapter 13 Bankruptcy. This is only the tip of the iceberg, however, and there are many more differences on our website; some that favor Chapter 7 and others Chapter 13. Choosing the one that is right for you should not be taken lightly, so you owe it to yourself to learn more about the bankruptcy process.
Ted Schmidt is a Real Estate investor with a few major bankruptcies in his past. He came out ahead and would like to share his knowledge and thoughts on the subject. For more information on bankruptcy, especially the differences between Chapter 7 and Chapter 13 Bankruptcy, browse other sections of our Repair Credit Score website.
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Tags: chapter 13 bankruptcy, chapter 7, chapter 7 chapter 13 bankruptcy part 3